Gleiss Lutz has advised Northern Data AG on securing a EUR 575 million debt finance facility and issuing a mandatory convertible bond with a volume of approximately EUR 53 million.
The debt finance facility is unsecured, at standard market conditions and has a term until 1 January 2030. It will enable Northern Data Group to make further investments across its three business lines Taiga Cloud, Ardent Data Centers and Peak Mining.
In addition, Northern Data issued a mandatory convertible bond excluding shareholders’ subscription rights in the total nominal amount of around EUR 53 million, the full placement of which is secured by the conclusion of investment agreements. It has a term until 30 September 2024, is subject to an interest rate of 0.5% p.a. and is convertible into up to 2,881,634 no-par value bearer shares of the company. In order to secure the full placement of the convertible bond, Northern Data entered into investment agreements with a strategic investor and a company owned by the sole member of Northern Data’s management board.
Northern Data Group is a provider of energy-efficient high-performance computing (HPC) infrastructure to businesses and research institutions, utilising GPU- and ASIC-based solutions.
Gleiss Lutz regularly advises Northern Data, most recently in summer 2023 on the conclusion of an investment agreement and the issuance of new shares and a mandatory convertible bond against contributions in kind, as well as in spring 2023 on two cash capital increases and an extraordinary general meeting.
In-house advice was provided by Northern Data’s Group Chief Legal and Compliance Officer Jim Black, Head of Legal Europe Dr. Martin Rinscheid and Deputy Head of Legal Europe Mareile Müller-Felsch.
The following Gleiss Lutz team advised Northern Data AG:
Dr. Stephan Aubel (lead, partner, Corporate), Dr. Thomas Kulzer (counsel), Alexander Gebhardt (counsel, both Banking & Finance, all Frankfurt), Dr. Walter Andert (Berlin), Anne Görg and Dr. Christina Aye (counsel, all Corporate, both Frankfurt).